Insights

Cryptocurrency: The Discussion on Twitter Keeps Growing

It’s hard to imagine a more polarizing topic debated in the finance community than the utility of decentralized networks and cryptocurrencies. Whether you believe that Bitcoin ($BTC) will be a central fixture in the transfer of money, or think it’s all just a bunch of hype, cryptocurrencies are a topic that is sure to spark a heated debate in your timeline.

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Over the last year, we’ve seen the cryptocurrency conversation on Twitter grow at unprecedented rates.

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Everyone is weighing in on the debate, from Goldman Sachs’ CEO Lloyd Blankfein

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. . .To Twitter’s own Jack Dorsey

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. . . To the self appointed Chairman of the Twitter Federal Reserve, Josh Brown of Ritholtz Wealth Management

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If you’re keeping track at home, Quartz’ scorecard of the financial bigwigs still looks like a bit mixed:

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One thing we do know, is that in a market where huge price swings are commonplace, forks happen on a regular basis, and rumors run wild, Twitter is the place to stay informed. In talking with Joe Gits of Social Market Analytics his take is the following:

“Twitter is clearly taking the lead as the home for discussions related to new monetary technologies. We’re seeing Bitcoin ($BTC) conversation volume alone exceeding that of the FANG stocks (Facebook $FB, Apple $AAPL, Netflix $NFLX, Google $GOOG) on a daily basis. We are also observing the influence of crypto technology on other blockchain related equities. Semiconductor stocks like $NVDA and $AMD are greatly impacted by the increase in mining related products.

It’s great to see the diversity in conversation, as the discussion isn’t just about about cryptocurrencies. We see discussion related to broader blockchain technologies, protocols and investment outlook on transformative digital assets as a whole.”

We look forward to seeing the great predictive models Twitter’s Finance Data Partners build using analytics related to investor conversation. With that in mind, we leave you with one question: